WHAT your Realtor knows and WHO she knows makes the difference

WHAT your Realtor knows and WHO she knows makes the difference that could make or break your home purchase.

Once agents get their California real estate license, they can practice selling real estate. Great agents continue educating themselves, learn from past experiences and other deals, and know how to get things done in spite of occasional adversity.

Anybody can help the perfect, financially flush client buy a home, given the right inventory and enough patience. So where does that leave the able and willing buyers who have "credit baggage"? Success for them means working with people who have the extra oomph. After months of working with a family member who is a mortgage broker, and another loan officer from a fairly prominent direct lender, Jennifer (not her real name to protect buyer's privacy and the would-be lenders who did not make the grade) was convinced her credit baggage was not going to resolve for another year or so. The two people she had dealt with basically told her to come back when she was ready for a conventional loan or go with "hard money", and the credit repair company she hired cleared up numerous items to improve the FICO SCORE but did nothing to advise her on what needed to be done to qualify for a home loan. This buyer had the down payment and the income to qualify but had issues on her credit report that lingered on unresolved. She had many doors shut in her face!

Enter Jonathan Sheehan of Southern California Funding, referred to Jennifer by Sylvia Jonathan. He was made familiar with the challenges in front of him the day Jennifer was opening escrow and was told by the slick hard money lender that "...uh, no we don't lend on owner-occupied property". Jon Sheehan knew people who could help. Are you catching on here? Jon, based on feedback he got from the credit report people he deals with on a regular basis, was able to direct the buyer on how to ditch the credit baggage towards the end result of getting a loan. Her family member suggested some actions to the buyer but did not follow up or hold her hand through it, and the other loan officer did not want to spend the time, being somewhat busy posting his workout results on facebook.

Was it a miracle? It was for the buyer. Was it magic? No. The buyer, loan officer and Realtor Sylvia Jonathan worked in unison to make things happen quickly. The buyer already had an accepted offer and was unexpectedly turned down by a hot-shot, fast-talking loan broker who did not listen to what the buyer's intended purchase was. Things had to happen fast if the buyer was going to save her deal. With Jon Sheehan's resources and experience-based knowledge, the deal was indeed saved. Jennifer's purchase closed without another hitch.

When a buyer chooses an ethical agent and he or she directs the buyer towards using one lender over another, it's always in the buyer's interest. Listen to your Realtor!

 



 

In Home Buying, what comes first? The Chicken or the Egg?

In Home Buying, what comes first? The Chicken or the Egg?

When it comes to making the move from one home to the next, the question is not “To Be or Not to Be”. It’s “What Comes First?” Do you shop for a new property first and put your current home on the market once you find one, or do you sell your current home and then look for a replacement?

If you have the funds and financial qualifications to move regardless whether you sell your current house, then you can go house-hunting at your leisure without concerns. Most people who are not first time buyers, however, have the cash for a down payment locked in the form of the equity in the property they currently own. They must sell in order to buy again.

 

Selling before you buy, aka hatching your egg first

The advantage of selling your current home first is that you know how much cash you net from your sale, allowing you to write a more competitive offer to purchase. A challenge could be the timing of the sale. It is important to have a back-up plan for short-term living arrangements if closing is not concurrent or you cannot rent back for a short time.

I can’t be homeless; I must know where I am moving to! If this statement rings true for you, you may want to identify or purchase the next home before selling your current residence. With realistic expectations and a good Realtor to assist you, this sequence can be accomplished. It requires a bit more “tap dancing.”

Factors to consider when buying before you sell:

Some sellers will not take offers that are contingent on the buyer selling a property first, especially not if they received multiple offers.

Assuming you get your deal accepted by a seller who takes your contingent offer, you typically have a short time period during which you must sell your home or at least be in escrow. Don’t count your chickens before they hatch. If you make your offer based on an ambitious list price of your current home, you could find that if the actual sale price is lower you are put in a financial squeeze on your purchase.

Talk to a good Realtor and determine which scenario best fits your comfort level.



 

 

What Comes First? The Chicken or the Egg?

When it comes to making the move from one home to the next, the question is not “To Be or Not to Be”. It’s “What Comes First?” Do you shop for a new property first and put your current home on the market once you find one, or do you sell your current home and then look for a replacement?

If you have the funds and financial qualifications to move regardless whether you sell your current house, then you can go house-hunting at your leisure without concerns. Most people who are not first time buyers, however, have the cash for a down payment locked in the form of the equity in the property they currently own. They must sell in order to buy again.

Selling before you buy, or hatching your egg first

The advantage of selling your current home first is that you know how much cash you net from your sale, allowing you to write a more competitive offer to purchase. A challenge could be the timing of the sale. It is important to have a back-up plan for short-term living arrangements if closing is not concurrent or you cannot rent back for a short time.

I can’t be homeless; I must know where I am moving to! If this statement rings true for you, you may want to identify or purchase the next home before selling your current residence. With realistic expectations and a good Realtor to assist you, this sequence can be accomplished. It requires a bit more “tap dancing.”

Factors to consider when buying before you sell:

Some sellers will not take offers that are contingent on the buyer selling a property first, especially not if they received multiple offers.

Assuming you get your deal accepted by a seller who takes your contingent offer, you typically have a short time period during which you must sell your home or at least be in escrow. Don’t count your chickens before they hatch. If you make your offer based on an ambitious list price of your current home, you could find that if the actual sale price is lower you are put in a financial squeeze on your purchase.

Call Sylvia Jonathan at (714) 856-7003 and determine which scenario best fits your comfort level.

 

What should you look for in a Leasing Agent?

What should you look for in a leasing agent?

Full LEASING SERVICES conducted by a Realtor for residential properties include

• Preparing a market analysis of prevailing neighborhood rent rates for owner


• Knowledge and application of fair housing laws and practices


• Advertising the property for maximum exposure and quick occupancy


• Screening and evaluating applicants, including credit check and rental history


• Complete lease document preparation to satisfy landlord’s legal obligation for disclosure

If needed, property management services are also available from Coldwell Banker Platinum Properties at a very competitive rate

Call Sylvia Jonathan for more information (714) 856-7003

 

10 Safety Tips for the Holidays

1. Check batteries in smoke and carbon monoxide detectors.

2. Be sure to open the chimney flue when lighting a fireplace

3. Don’t let candles burn when you leave or go to sleep

4. Keep pets away from Christmas trees, ribbons and electrical cords.

5. Install holiday lights according to manufacturer’s instructions. Overloading  circuits can become disastrous.

6. Poinsettias are toxic to cats. Don’t let your pet nibble on one.

7. Handle leftover food appropriately. Refrigerate promptly to avoid spoilage.

8. Be mindful around shopping crowds and watch your wallet or purse.

9. Don’t post on Facebook that you are away on a trip, no matter how tempting. No need to advertise to potential burglars that nobody is home.

10. Tell a trusted neighbor if you plan to be gone for several days.

Happy Holidays!